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An institutional investor expects funding in 200 days, which she will use to buy a particular share. This share is currently trading at $90 and

An institutional investor expects funding in 200 days, which she will use to buy a particular share. This share is currently trading at $90 and will pay $9 dividends in 10 days, 100 days and 190 days. The risk-free rate is 7%. The investor takes a long position on the share by entering into a forward contract.

The present value of the dividend(s) to be included in the forward price is $

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